Armenia's Gross Domestic Product (GDP) saw 8.6% growth in the first quarter of 2022 as opposed to the same time span of 2021, the National Statistical Committee (NSC) said today.
The first quarter GDP at market prices amounted to about 1.5 trillion drams (US$ 3.4 bln). Per capita GDP at current prices amounted to 501,211 drams or $1,030 or €918.
According to NSC, the largest growth of 58.9% was reported by transportation and warehousing sector. Accommodation and catering sector surged by 44.8%, and information and communication sector by 22.2%.
According to NSC, the manufacturing sector grew by 12.2%, health care, social services and household activities saw 10.2% growth each.
Also, construction sector rose 10%, real estate-related activities - 9.1%, financial and insurance activities - 8.4%, wholesale and retail trade, auto and motorcycle repair - 7.7%, electricity, gas, steam and quality air supply - 3.4%, culture, entertainment and recreation - 3.3%, water and wastewater, waste management and recycling - 2.3%, and education - 0.9%.
The largest decline was in the mining sector that dropped by 13.5%. Public administration and protection and compulsory social security declined by 9.4% and agriculture, forestry and fishing – by 2.4%.
Armenian government’s growth projection for 2022 is 7%, and inflation is set at 4% (± 1.5%). Earlier, the Central Bank revised down its earlier growth projection from 5.3% to 1.6% citing regional and global spillovers from the Russia-Ukraine conflict that would inevitably have a notable impact on Armenia, ARKA reports.
See all the news
What regime of sanctions applies to Russian oil and what requirements Georgia has to comply?
Financial Services in CAREC
#TheCheckpoints: TIWB & Georgia - Interview with Rusudan Kemularia, Head of TIWB Secretariat
#TheCheckpoints: The Professional - Demnagram_Story of Saba Bakhia
#პროფესიონალი: საბა ბახია
Stoli® Group to Release Limited-Edition Bottle in Support of the Ukrainian People
როგორ მოხვდა 17 წლის ანასტასია ლელაძე ჰარვარდში? - ანასტასია ლელაძე ქალების ნარატივში
"Literally the whole village was waiting for the first harvest of strawberry" - Kvitsiani family from Svaneti
Aliyev replaces long-serving central bank head with loyalist
Putin imposes visa restrictions on citizens from 'unfriendly' countries
BMG-ს მედია რუბრიკა: #პროფესიონალი - გიორგი მიქაია
ყველაზე სანქცირებული რუსი ოლიგარქები
Business Leaders Council by USAID and Georgian Business
ვინ არის მსოფლიოში #1 სნაიპერი “Wali”?
ბინების ქირის ფასი 50%-მდე გაიზარდა
OECD formally terminates the accession process of Russia
"Today we are all Ukrainians"- Zurab Pololikashvili
Tourism is the main bridge for building understanding - ZURAB POLOLIKASHVILI
FAQ’s and Analysis on Lari & FDI - Interview with Fady Asly